South Africa’s new two-pot retirement scheme was designed to give members some financial breathing room during tough times, without requiring them to resign to access their savings. In short, although it offers short-term financial relief, this withdrawal benefit should only be considered for emergencies and not change how you think about your retirement financial [...]
If you are a business owner, a trustee, or an individual earning income from any other source other than an IRP5, you should have submitted a First Provisional return (IRP6) for 2024 by the 29 February 2024. There are 3 return submissions for Provisional Tax, namely: - The First return which covered the estimated [...]
Finance Minister Enoch Godongwana announced his budget speech on Wednesday 21st February 2024, that he hoped would alleviate immediate fiscal pressures. It was disappointing news for South Africa’s already struggling households to hear that the additional R15 billion needed to balance the budget, will come out of the pockets of individual taxpayers. To achieve [...]
With load shedding still firmly on the horizon, it was welcomed news in the recent Medium-Term Budget Policy Statement, that the government is advocating for the solar panel tax incentive to be extended to batteries and inverters. Electricity Minister, Kgosientsho Ramokgopa, wants more businesses and households to opt for rooftop solar panels, but feels [...]
Last month, the South African Revenue Service implemented a welcomed change to the foreign investment and emigration tax clearance process for individuals transferring money abroad. These changes are essentially system enhancements to align the different tax clearance processes and make compliance easier. With official emigration having been phased out in 2021, SARS new tax [...]
